PITAX Fees and Costs — Inflation Protection Fund, Class A
Data updated: 2026-09-25
The net expense ratio is 0.90%: a 0.38% management fee, a 0.25% 12b-1 fee plus 0.55% other expenses, less a 0.28% fee waiver. This share class carries a maximum front-end sales load of 3.75% and a deferred sales charge of up to 1.00%. In fiscal 2025 the fund paid $43K in broker commissions, 0.0019% of average net assets, and portfolio turnover was 155%.
PITAX Fees and Expenses
Annual operating expenses and sales charges of PITAX. Prospectus, as of February 29, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.38% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.55% |
| Gross expense ratio | 1.18% |
| Fee waiver | −0.28% |
| Net expense ratio | 0.90% |
| Sales charges | |
|---|---|
| Max front load | 3.75% |
| Max deferred load | 1.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
PITAX Costs Over Time
On $10,000 invested in PITAX, assuming 5% a year before costs, total costs come to $1,023 over 5 years, cutting the return by 1.74% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $475 | $375 | $375 |
| Fund expenses (net expense ratio 0.90%) | $91 | $284 | $493 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $19 | $73 | $153 |
| Total costs | $585 | $733 | $1,023 |
| Value after costs | $9,915 | $10,843 | $11,740 |
| Impact on return, per year | 5.85% | 2.26% | 1.74% |
PITAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0019%
- Total broker commissions: $43K
- Bought from dealers (principal trades, not a cost): $8.6B
- Portfolio turnover (prospectus): 155%
- Securities on loan, average value: $46K
- Net income from securities lending: $459 (0.000% of average net assets)
PITAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS CAPITAL INC. | $43K | 100.00% |
PITAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC. | $2.9B | 35.56% |
| MIZUHO SECURITIES USA INC. | $2.0B | 23.95% |
| GOLDMAN SACHS CO. | $1.6B | 19.44% |
| BARCLAYS CAPITAL INC. | $476.0M | 5.84% |
| BMO CAPITAL MARKETS | $290.6M | 3.56% |
| J.P. MORGAN SECURITIES LLC | $227.0M | 2.78% |
| BNP PARIBAS SECURITIES CORP | $217.3M | 2.66% |
| CITADEL TRADING GROUP | $207.8M | 2.55% |
| CITIGROUP GLOBAL MARKETS | $177.7M | 2.18% |
| NOMURA SECURITIES INT'L INC. | $120.3M | 1.47% |
Inflation Protection Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PIPIX | Institutional Class | 0.11% | — |
| PBPPX | Class R-5 | 0.37% | — |
| PIPJX | Class J | 0.52% | — |
| PIFPX | Class R-3 | 0.68% | — |
| PITAX | Class A | 0.90% | 3.75% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.